Dubai’s new real estate projects valued at $110bn
Global bank Citi has released a new report which says that Dubai added real estate projects valued at over $110 billion in November. This takes the total preliminary projects in the UAE to $199 billion. UAE projects now stand at $199 billion, up 127% from October’s $88 billion.
‘This is driven by a $110bn real estate development project in Dubai,’ the global bank said in its new Mena Construction Project Tracker report. Overall early stage projects in the Middle East and North Africa (Mena) region rose 17% to $655 billion since October
The report says that the UAE surpassed Saudi Arabia in the early stage projects category. Early projects in Saudi Arabia were valued at $172 billion.
In the fourth quarter of 2012 mega projects were announced by the Dubai government and private entities.
In November, Dubai launched Mohammad Bin Rashid City, which consists of a family centre for leisure and entertainment set up in collaboration with Universal Studios; Mall of the World, the largest shopping mall of the world and over 100 hotels.
Citi pointed out that it was the first time since first quarter of 2010 that the UAE has shown growth in projects planned and underway.